Trump Administration Starts a New Round of Tariffs, Increases Trade War Tension

Trump Administration Starts a New Round of Tariffs, Increases Trade War Tension

WASHINGTON-President Donald Trump said the trade war with China wouldn't hurt USA consumers, after the latest round of tariffs on Chinese imports, which mostly hit consumer goods, went into effect on Sept 1.

Even though President Trump has been trying to appease jittery financial markets and calm investors, the rivals have failed to agree on basic terms for relaunching talks that broke off in May because of the level of mistrust.

"The big stick of tariffs can't hold back China's development", the Chinese Communist Party newspaper People's Daily said in the headline of a Sunday article, according to a CNBC translation of the Chinese text.

But Chinese state media struck a defiant note on Sunday.

Exhausted but excited, Barshefsky and Gene Sperling, director of the National Economic Council, called then-US president Bill Clinton from the Ministry of Foreign Trade and Economic Cooperation (now the Ministry of Commerce) in Beijing to tell him the good news.

"If the USA truly wants to reach a mutually-benefiting and win-win deal with China, some people in the US must honor the consensus, work in concert with the Chinese side and return to the right track with sincerity", the state-run People's Daily wrote in a commentary on Tuesday.

As a result of Trump's higher tariffs, many USA companies have warned that they will be forced to pass on to their customers the higher prices they will pay on Chinese imports. This will ensure American workers are not only protected, but are the most competitive in the world.

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"For all of the "geniuses" out there, many who have been in other administrations and "taken to the cleaners" by China, that want me to get together with the European Union and others to go after China Trade practices remember, the European Union & all treat us VERY unfairly on Trade also".

China retaliated Sunday with its own tariff plan taking effect at 12:01 p.m. local time. "We are talking to China, the meeting is still on as you know, in September". That hasn't changed. They haven't changed and we haven't. We'll see what happens. The AFL-CIO is the largest federation of unions in the US."It has to address currency rebalancing, it has to have a long-term slant to good jobs in this country".

By some measures, USA manufacturing is already in a recession.

His finger-pointing has extended beyond China. He has also announced that existing 25 percent tariffs on a separate group of $250 billion of Chinese imports will increase to 30 percent on October 1.

The Dow Jones Industrial Average lost more than 350 points in the first half-hour of trading, A new set of Trump's 15 per cent tariffs took effect Sunday, covering a portion of the $300 billion in goods from China that so far had been spared. A separate batch of about $160bn in Chinese goods - including laptops and cellphones - will be hit with 15% tariffs on December 15.

Major developments surrounding the trade conflict are likely to continue to drive crude oil prices in the next couple of days.

Trump on August 1 announced tariffs across an initially planned $300 billion worth of goods, after July trade talks between US and Chinese officials yielded little progress.

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